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COLLATERAL
ASSIGNMENT OF LEASES, RENTS AND PROFITS ~ ~ ~
THIS AGREEMENT made this ~ day of January , 1978, by and
between:
INDIAN RIVER TERMINAL COMPANY, a Fiorida ,
corporation, hereinaf ter referred to as "ASSIGNOR' ; `
and
~ FIRST NATIONAL BANK OF FORT PIERCE,
hereinafter referred to as "ASSIGNEE".
WITNESSETH:
A. ASSlGNEE has agreed to make loans and odvances to'ASSIGNOR to
be evidenced by iwo negotivble prom+ssory nofes ("NOTES") of even date herewith
in ihe aggregate principal amount of $1,350,000.00.
B. ASSIGNOR is ihe owner of the real properfy lying and being situate in
St. Lucie Counfy, Floridq which is described on Exhibit "A" attached heretq
hereinafter referred to as the "Property", and A5StGNOR has simulteneously '
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herewith executed a Mortgage Deed in favor of ASSIGNEE, granting to ASSIGNEE ;
;
a first and valid mortgage in said property.
C. As additional securify for payment of the NOTES, and any renewals, _
extensions or modifications thereof, ASSIGNEE has requested ASSIGNC~R.to assign ~
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ASSIGNOR's Lessors' interest in atl present and future Leases relative to said :
~
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Property }
NOW, THEREFORE, in order to secure ASSIGNORS obtigations, it is agreed ;
betweeR the parties as follows: i
I. ASSiGNOR does hereby sell, transfer and assign to ASSIGNEE, its
successors and assigns, o!I of the right, title and interest of ASSIGNOR in and to
the rents, issues, profits, revenues, royalties, rights and benef its from the Property
and to that end ASSIGNOR hereby assigns und sets over unto the ASSIGNEE, its
successors and assigns, ali Leases of said premises now made, executed or
delivered, whether written or verbal, or to be hereafter made, be the same written
or ver~ai, wi#hout limiting the generelity hereof, the Leases more particularly `
described in Exhibit "B" attached hereta
ASSIGNOR does hereby authorize and empower ASSIGNEE, its
successors and assigns, to collect said rents, issues, profits, revenues, royalties,
rights and benefits as they shatl become due, and does hereby direct the Lessees
under the aforedescribed Leases to pay such rents as they may now be due and
paynble, or as sha!! hereinafter become d~e and payable to ASSIGNEE, its
~ successors and assigns, which payments shall be applied by ASSIGNEE in reduction
of principal and interest payments on the NOTES. Upon full payment of said r~,
NOTES, this Assignment witl terminate. It is understood and agreed however, that ~
no such demand shali be made by ASSIGNEE unless and until there has been a
default by ASSIGNOR in the payment of the NOTES (or either of them) herein
mentioned, or defauli in the terms and provisions of this Agreement, or any other
agreements or security instruments entered into between the parties, and until such
-I - ~iWS~i~S'~?vNeMT' ~f~
FRIEDMAIV 8c BRlTTON ~p y~s Co~ 8p~°N~
~ K BT~. FLOOR. SOUTHEAST FtRST NATfQNAL BANK B~O~.` ~~rNAn~A~
BOOK~W fA~f t~(.,~ ^^~a^'~i. F~oRioa 33131 ~
, 3~,.5,g~ ~H/AM~i F~ 33~3/
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